3 common mistakes that can ruin your retirement plan

Reporter: Andryanna Sheppard
Published: Updated:
Sign stating “What’s your plan for retirement?” Credit: CBS News

On average, about 10,000 Baby Boomers turn 65 each day. People born in this generation are now either in retirement or close to it. But if you’re nearing retirement age, there are some common mistakes that can ruin your whole plan.

WINK News Consumer Reporter Andryanna Sheppard shares what not to do.

One-in-12 people say they don’t think they will ever be able to retire.

Not paying off debt

One survey found that 40 percent of baby boomers struggle to pay off their credit card debt. And too much debt can make saving a challenge. Retirement statistics show about 38 percent of Americans fail to save because they have too many other expenses. And 45 percent of baby boomers have no retirement savings at all!

Not planning for health care costs

The average retiree spends $4,000 to $3,000 out-of-pocket for health care expenses each year. And a person who turns 65 today has about a 70 percent chance of needing some type of long-term care service later on.

Financially taking care of adult children

Giving money to your kids costs many people their retirement savings. A better idea is to encourage financial independence in your kids and find ways to provide non-monetary support.

According to the social security administration, about 50% of married couples and 70% of singles receive half or more of their income from social security.

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